American Express Balance Transfer Offers
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Transferring your credit card debt to a new offer with a promotional rate can help you save money. But how do you decide which offer is right for you?
Click here to visit American Express' secure website for more information, including the online application.
Whether you’re looking to transfer a balance onto a new card from American Express (a CreditDonkey advertiser) or you want to offload your Amex debt to an entirely new bank, we’ve got the lowdown on what you need to know.
At the end of this article, you'll find the 3 current American Express balance transfer credit card promotions for
But watch out. There are a few quirks you need to know if you want to make a credit card balance transfer.
Read on before you apply for your next credit card.
To American Express
Do You Have an Existing Balance from Another Bank?
If you’re weighed down by credit card debt, a balance transfer is a smart way to help cut down on the cost of carrying the load.
Related: What is a balance transfer?
Is Amex a good choice? Amex is more selective, so there are a few guidelines you need to keep in mind as you consider whether to make a transfer to one of its cards.
- Only some credit cards offer a promotional rate. The whole point of transferring a balance is to score a lower interest rate than whatever you’re getting now. American Express features several cards that allow balance transfers, but not all of them have a promotional APR.
American Express Blue Balance Transfer: The Blue Cash Everyday offers 0% intro APR on balance transfers and purchases for 12 months, after that a variable rate, currently 13.74% to 23.74% depending on your creditworthiness and other factors.
- Some cards don’t even allow balance transfers. American Express offers two types of accounts for consumers: revolving credit cards and charge cards.
- With a credit card, you have the option of paying in full or just paying the minimum.
- With a charge card, you’re expected to pay in full each month.
If you’re considering an American Express card for balance transfers, look for an credit card, not a charge card. For example, the Amex EveryDay or Blue Cash Everyday are both American Express credit cards.
- With a credit card, you have the option of paying in full or just paying the minimum.
- You’ll pay a fee for the transfer. As you’ll find with most other credit card offers, you will have to pay a balance transfer fee. With Amex, the American Express balance transfer fee will usually be 3% of the balance ($5 minimum) you’re moving over.
- The clock is ticking on transfers. If you find an Amex card you like with a 0% introductory APR offer, you can’t dawdle with the balance transfer. You usually have to complete the transfer within 30 days of opening your account.
- The promotional rate has an expiration date. Pay careful attention to how long you get the low rate and aim to pay off the balance in full by the time it expires. It can be very tempting to make a balance transfer and then pay just a little every month — but you may regret doing that once the 0% APR goes up to the regular interest rate.
- You’ll need excellent credit to qualify. Generally speaking, American Express caters to customers with a higher credit score. If your score is less than stellar, you may not qualify for the card you want — that could be a sting to your ego and a bit of a ding on your credit report.
- You could lose your introductory rate. Missing a payment after you transfer a balance could make it more expensive in the long run.
Always pay at least the minimum payment due, preferably more. Otherwise, American Express may end the promotional interest rate APR and apply the penalty rate if you do not pay at least the minimum payment due within 60 days after the payment due date.
To Another Bank
|© Fe Ilya (CC BY-SA 2.0) via Flickr|
Do You Have an Existing Balance from American Express?
There’s also a lot to consider if you’re transferring a balance from Amex to another credit card issuer. For one, read the fine print — if you don’t pay attention to the details, the smart move you thought you were making can backfire.
- Do the math on the balance transfer fee. 0% apr credit cards might not always be free. There are a handful of cards that have no balance transfer fees, but that’s the exception rather than the rule.
The typical transfer fee is 3%, so for a $5,000 balance, you’re looking at a balance transfer fee of $150. If you’ve got a lot of debt you want to move around, you need to know what it’s going to cost up front.
Tip: Here is a list of credit cards with no balance transfer fees.
- Review the card’s regular interest rate. Ideally, when you’re transferring a balance, the goal is to pay it off before the 0% credit card promotional period ends so you’re not stuck paying interest. If you’re not sure you’ll be able to clear the debt by the time your offer expires, find out the rate any overdue balance will get and be realistic about how much it will hurt.
Tip: See our list of low interest rate cards.
- Don’t bank on earning rewards from a transfer. Rewards cards generally pay out points, miles, or cash back on new purchases only. If you’re transferring over several thousand dollars to a new rewards card, you’re not likely to earn any rewards for it.
- Time transfers carefully. If you’re planning a balance transfer to another bank, schedule it well ahead of the due date on your current card. Check your balance transfer status. Make sure you continue making payments on your old card until you get confirmation that the balance has been completely transferred. If you don’t, you could end up with a late fee and the late payment could show up on your credit. Refrain from making any new purchases on the old card once the transfer’s been initiated.
- Check the APR on purchases. If you’re planning to use the new card to cover your expenses, look for one that extends the promotional 0% interest rate to purchases as well.
Transferring a balance to or from an American Express card can work to your advantage, but only if you’re careful. Remember, terms and limitations apply.
Casting a broad net for balance transfer offers, reviewing each card’s terms carefully, and keeping up with your payments on the new account are the keys to making sure the transfer goes as smoothly as possible.
American Express Balance Transfer Cards
AMEX Offers with No Annual Fees
Here is a side-by-side comparison of these two no annual fee AMEX credit cards. Both credit cards have an introductory APR for balance transfers.
Interest Rates and Fees
|Introductory APR for Purchases||0% introductory APR on Purchases for 12 months||0% introductory APR on Purchases for 12 months|
|Introductory APR for Balance Transfers||0% introductory APR on Balance Transfers for 12 months||0% introductory APR on Balance Transfers for 12 months|
|Purchase APR||13.74% to 23.74% Variable based on your creditworthiness and other factors||13.74% to 23.74% Variable based on your creditworthiness and other factors|
|Balance Transfers APR||13.74% to 23.74% Variable based on your creditworthiness and other factors||13.74% to 23.74% Variable based on your creditworthiness and other factors|
|See Rates & Fees||See Rates & Fees|
Benefits and Features
|Cash Back Deal||Introductory Bonus Cash Back: Limited Time Offer: Apply by 5/3/17 - Earn 10% cash back on purchases at U.S. Restaurants in the first 6 months, up to $200 back.|
Plus, earn $100 back after you spend $1,000 in purchases on your new Card within the first 3 months.
|Points Deal||Introductory Bonus Reward Points: Earn 10,000 Membership Rewards® points after you use your new Card to make $1,000 in purchases in your first 3 months.|
|Cash Back||Cash Back Rewards: Everyday Cash Back: 3% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%); 2% at U.S. gas stations; 1% on other purchases. Terms and limitations apply.|
|Bonus Reward Points||Bonus Reward Points: Use your Card 20 or more times on purchases in a billing period and earn 20% more points on those purchases less returns and credits. Terms and limitations apply.|
|Points||Point Rewards: 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x); 1x points on other purchases. Terms and limitations apply.|
|Gas||Gas Rewards: 2% at U.S. gas stations. Terms and limitations apply|
|Grocery||Grocery Rewards: 3% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). Terms and limitations apply||Grocery Rewards: 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x). Terms and limitations apply.|
|Airline Transfer Partners||Airline Transfer Partners: Airline transfer partners include Delta, Hawaiian Airlines, Aeromexico, Air Canada, Air France, Emirates, Cathay Pacific (Asia Miles), Virgin Atlantic, Singapore Airlines, Etihad, Alitalia, All Nippon Airways and more.|
AMEX Offers with Annual Fees
Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet ...
Rebecca Lake is a journalist at CreditDonkey, a credit card comparison and financial education website. Write to Rebecca Lake at email@example.com. Our data-driven analysis has been recognized by major news outlets across the country and has helped consumers make savvy financial and lifestyle decisions.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through the Advertiser's affiliate programs.